27/3 Q1 results: Concerns about lower sales volumes on major markets: Quick Note

研报英文原文证据摘录

27/3 Q1 results: Concerns about lower sales volumes on major markets: Quick Note

Global Markets Research

31 July 2026Yakult Honsha

2267.T 2267 JP / EQUITY: JAPAN FOOD, BEVERAGES & TOBACCO

27/3 Q1 results: Concerns about lower sales Rating Neutralvolumes on major markets

Target price JPY 2,800Quick Note

Closing price

31 July 2026 JPY 2,819.0First impression slightly negative: Weak sales volumes in Japan, Mexico, China

Yakult Honsha released 27/3 Q1 results at 14:20 JST on 31 July, posting operating profits (Note: Quick Note reports are not a

of ¥10.1bn (down 8% y-y, down 17% on a forex-neutral basis). On a forex-neutral basis, vehicle for changes to ratings, target

profits rose in Asia on price hikes and restructuring benefits as well as higher sales prices, or earnings forecasts)

volumes, but fell substantially in Japan on a sharp decline in sales volumes of high-priced

Yakult 1000 products and in the Americas on lower sales volumes in Mexico. Profits were

in line with our forecast of ¥10.4bn. Lower-than-expected sales volumes in Japan were

offset by cost savings in Asia. Research Analysts

Q1 sales volumes were down 5% y-y in China, up 5% in Indonesia, down 5% in Mexico, Japan food

and up 1% in Brazil. Volumes slipped in China, but we think this may have been due to Makoto Morita - NSC

structural factors such as expansion of the product range via the rollout of new flavors makoto.morita@nomura.com

running its course. Yakult series sales volumes in Japan continued to fall in June, with a +81 3 6703 1211

decline of 9%. Sales volumes were lackluster.

The company announced price hikes from October, mainly for Yakult 400 products in the

home delivery channel. We calculate that simple price hikes will provide an annual boost

of around ¥4.0bn.